In 2013, the Government of Canada allocated $60 million over five years through the Economic Action Plan, with an additional $40 million in 2014, to help outstanding incubators and accelerators expand their services to small and medium-sized businesses.
The University of Alberta will receive up to $6 million in CAIP funding over the next five years to provide local entrepreneurs with the resources and expertise needed to develop their business plan and seek follow-on financing. The University of Alberta, through its affiliation with TEC Edmonton, and in collaboration with Innovate Calgary, will deliver new and incremental incubator and accelerator programs, in support of its strategy of enabling high-growth companies in the health and energy sectors.
- TEC Edmonton will develop a Health Accelerator Program that will assist in the commercialization of various new research developments in this sector. This program will assist in ensuring those new technologies developed reach those in need to ensure the best healthcare solutions are available.
- Innovate Calgary will develop an Energy Accelerator Program to assist in ensuring new technologies that will benefit both the industry and the environment can be made available to the market in a more timely manner.
The one-time request for the proposals for the Canada Accelerator and Incubator Program was launched on September 23, 2013. It ended on October 30, 2013, with close to 100 applications received. All proposals were assessed and presented for evaluation and recommendations to the independent Canadian Venture Capital Expert Panel, a five-member panel with extensive experience in the venture capital asset class, business, and finance.
The National Research Council of Canada Industrial Research Assistance Program (NRC‑IRAP) evaluated all proposals based on strict eligibility and selection criteria, including:
- The extent to which the project will encourage the growth of early-stage firms that represent superior investment opportunities;
- The potential of the project to develop entrepreneur networks with other important firms and organizations, in order to provide entrepreneurs with a broader range of specialized services;
- The ability of the organization to demonstrate matching resources, either financial or in-kind, (i.e. mentoring resources, administrative support) for the proposed activities; and,
- A credible demonstration that the proposed activities will be incremental to existing operations.
Delivered by NRC-IRAP, CAIP provides support over a five-year period in the form of non-repayable contributions to a limited number of best-in-class accelerators and incubators. Recipients will be required to demonstrate matching contributions on at least a 1:1 basis during the period of the contribution funding.
Maximum contributions to accelerators and incubators under the program are up to $5 million per year for each selected outstanding organization.
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